Over the past couple of years, PayPal has partnered with leaders across the ecosystem – from technology leaders like Apple, Facebook, Google and Samsung to financial leaders like FIS, Mastercard and Visa. These partnerships have helped us expand our services and reach, move into new contexts, increase conversion for our merchants, create better experiences and give our customers more seamless and secure ways to pay.
Today, we’re excited to announce we’re expanding our partnership with the leading global bank — Citi. This expansion will soon allow ThankYou Rewards cardholders to redeem their points at merchants that accept PayPal online and in app. Citi ThankYou Rewards cardholders can simply select their ThankYou Points to pay for all or part of their purchase when checking out online.
This deal will allow us to strike one agreement and reach millions of existing and potential new PayPal customers across the U.S. We’re announcing this agreement today and expect the experience to go live for our joint customers in 2018. We are rolling this out in the U.S. first, but will explore extending the use of ThankYou Rewards points in the PayPal wallet to our joint customers outside of the U.S. in the future.
Consumers are increasingly turning to their rewards points to pay for things. In 2016, it was estimated that consumers earned nearly $23 billion in rewards related spending power from the six largest U.S. card issuers. We want to extend the ubiquity of the PayPal platform and support all relevant types of payments that our customers use, which includes credit and debit but also rewards points.
We will continue to work with leaders across the industry to enable more choice, flexibility and transparency for our customers and to make digital payments and the management and movement of money more seamless and secure.